Polygon (MATIC), which has collaborated with Meta, Disney, Starbucks, Reddit and countless high-profile companies since last year, apparently can’t get enough of the whales’ attention. On-chain data shows that whales are rallying around a more speculative altcoin rather than MATIC.
Ethereum whales collect from this altcoin at every opportunity instead of MATIC
According to data from Whalestats, a popular whale watching bot, Ethereum whales show more interest in Shiba Inu (SHIB) than Polygon (MATIC). Whales have purchased larger quantities of SHIB from MATIC in the past few days.
Whales are a term used for investors with large amounts of cryptocurrencies. They have always played an important role in the crypto market, given their enormous purchasing power and capacity to influence price action.
https://twitter.com/WhaleStats/status/1631135012421500931
Shiba Inu (SHIB) continues to lead by far
Earlier today, Whalestats shared that the top 1,000 Ethereum whales hold an average of $619 million worth of SHIB. Given the $170 million investment in MATIC, whales are clearly favoring the popular meme token. Meanwhile, several reports last month had shown that Ethereum whales were accumulating MATIC on a large scale. On February 8, Whalestats reported that ETH whales have purchased MATIC for over $2 million.
https://twitter.com/WhaleStats/status/1623261955774373890
A day later, another crypto whale watcher, WhaleAlert, shared that huge MATIC transactions were taking place on the Ethereum network. According to the whale watching bot, it sent 38,000,000 MATICs from one anonymous wallet to another anonymous wallet, worth more than $50,000,000 at the time.
🚨 18,000,000 #MATIC (23,800,532 USD) transferred from unknown wallet to unknown wallethttps://t.co/AWcDEtT6QN
— Whale Alert (@whale_alert) February 9, 2023
On the other hand, the $619 million SHIB reported by Whalestats represents only 10% of altcoins owned by ETH whales. As a percentage, stablecoins dominate the majority of whale wallets. With the uncertainty between a rally and a crash, large investors put more trust in real-currency-backed stablecoins such as the US dollar.
The largest ETH whales hold $619 million worth of SHIB, while on average they hold $1.06 billion worth of USDC and $808 million worth of USDT. ETH whales have more SHIB and MATIC as alternatives along with Chainlink (LINK) and Uniswap (UNI).
What about SHIB and MATIC prices?
Regardless of interest from ETH whales, Shiba Inu (SHIB) is currently in a bearish trend, losing 4.5% in the last 24 hours and trading at $0.00001138. Although technically in a downtrend, it’s still up over 40% since the beginning of the year after the ubiquitous drop last year. Despite a significant increase since 2023, SHIB is still 86% down from its peak of $0.00008616 in October 2021.
Meanwhile, MATIC was no different; Despite its remarkable uptrend since the beginning of the year and its collaborations with various Web3 and big technology companies, it is still 60% below ATH level. As Kriptokoin.com, we have included Polygon’s recent partnerships in this article. Ranked 8th by market cap, MATIC is currently trading at $1.17, down 2.5% compared to the last 24 hours.
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